March 31, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Provident Bank Home Equity Loan Trust 1997-4 Home Equity Loan
Asset-Backed Certificates, Series 1997-4; File No. 333-35275.
Ladies and Gentlemen:
Enclosed herewith for filing on behalf of the trust fund (the
"Trust") created pursuant to a Pooling and Servicing Agreement dated
as of December 1, 1997 (the "Pooling and Servicing Agreement")
between The Provident Bank, as seller (the "Seller"), as Document
Custodian (the "Document Custodian") and as Master Servicer (the
"Master Servicer"), and Bankers Trust Company of California, N.A.,
as Trustee (the "Trustee"), is a Current Report on Form 8-K (the
"Report").to a Pooling and Servicing Agreement dated as of December
1, 1997 (the "Pooling and Servicing Agreement") among Lehman ABS
Corporation, as Depositor (the "Depositor"), The Provident Bank, as
Seller (the "Seller"), and as Master Servicer (the "Master
Servicer"), and Bankers Trust Company of California, N.A., as
Trustee (the "Trustee"), is a Current Report on Form 8-K (the
"Report").
The Home Equity Loan Asset-Backed Certificates, Series 1997-4 (the
"Certificates"), will consist of four Classes (each, a "Class") of
senior Certificates: the Class A-1 Certificates, the Class A-2
Certificates, the Class A-3 Certificates and the Class A-4
Certificates (collectively, the "Class A Certificates") and one
Class of subordinated Certificates (the "Class R Certificates").
Only the Class A Certificates (The "Offered Certificates") are
being offered hereby.
The Certificates will evidence in the aggregate the entire
beneficial interest in a pool (the "Mortgage Pool") of closed-end
fixed and adjustable rate mortgage loans (the "Mortgage Loans")
consisting of two groups ("Loan Group 1" and Loan Group 2",
respectively, and each a "Loan Group") held by Provident Bank Home
Equity Loan Trust 1997-4 (the "Trust") to be formed pursuant to the
Pooling and Servicing Agreement. The Class A-1 Certificates, the
Class A-2 Certificates and the Class A-3 Certificates (the "Group 1
Certificates") will represent undivided ownership interests in Loan
Group 1 which consists of Mortgage Loans with fixed interest rates.
The Class A-4 Certificates (the "Group 2 Certificates") will
represent undivided ownership interests in Loan Group 2 which
consists of Mortgage Loans with adjustable interest rates. The
assets of the Trust will also include certain other property. The
Mortgage Loans are secured by first and second deeds of trust or
mortgages primarily on one- to four-family residential properties.
The Offered Certificates were registered under the Securities Act of
1933, as amended, by a Registration Statement on Form S-11 (File No.
333-18897). As a result, the Trust is subject to the filing
requirements of Section 15(d) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"). The Trust intends to fulfill these
filing requirements in the manner described herein:
The Trust will file, promptly after each Distribution Date (as
defined in the Pooling and Servicing Agreement), a Current Report on
Form 8-K in substantially the form enclosed herewith, including as
an exhibit thereto the applicable Distribution Date report. Each
such Current Report will also disclose under Item 5 any matter
occurring during the relevant reporting period which would be
reportable under Item 1, 2, 4 or 5 of Part II of Form 10-Q.
The Trust will file a Current Report on Form 8-K promptly after the
occurrence of any event described under Item 2, 3, 4 or 5 thereof,
responding to the requirements of the applicable Item.
Within 90 days after the end of each fiscal year, the Trust will file
an annual report of Form 10-K which responds to Items 2, 3, and 4 of
Part I, Items 5 and 9 of Part II, Items 12 and 13 of Part III and
Item 14 of Part IV thereof, and include as exhibits thereto certain
information from the Distribution Date reports aggregated for such
year and a copy of the independent accountants' annual compliance
statement required under the Pooling and Servicing Agreement.
The Trust will follow the above procedures except for any fiscal year
as to which its reporting obligations under Section 15(d) of the
Exchange Act have been suspended pursuant to such Section. In such
event, the Trust will file a Form 15 as required under Rule 15d-6.
Should you wish to discuss the above filing procedures, please call
Judy L. Gomez at (714) 253-7562.
Sincerely,
/s/ Judy L. Gomez
Assistant Vice President
Bankers Trust Company of California, N.A.
S.E.C. Reporting Agent for Provident Bank Home Equity Loan Trust
1997-4 Home Equity Loan Asset-Backed Certificates, Series 1997-4.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 1997
THE PROVIDENT BANK
(as depositor under the Pooling and Servicing Agreement, dated as of
December 1, 1997, which forms Provident Bank Home Equity Loan Trust
1997-4, which will issue the Provident Bank Home Equity Loan Trust
1997-4, Home Equity Loan Asset-Backed Certificates, Series 1997-4)
THE PROVIDENT BANK
(Exact name of Registrant as specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
333-35275 31-0412725
(Commission File Number (I.R.S. Employer
Identification No.)
ONE EAST FOURTH STREET
CINCINNATI, OHIO 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (513) 579-2000
ITEM 5. Other Events
Attached hereto are copies of the Monthly Remittance Statements
to the Certificateholders which were derived from the monthly
information submitted by the Master Servicer of the Trust to the
Trustee.
ITEM 7. Financial Statement and Exhibits
Exhibits: (as noted in Item 5 above)
Monthly Remittance Statement to the Certificateholders dated as of
January 26, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
February 25, 1998.
Monthly Remittance Statement to the Certificateholders dated as of
March 25, 1998.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, hereunto duly authorized.
Bankers Trust Company of California, N.A.,
not in its individual capacity, but solely
as a duly authorized agent of the Registrant
pursuant to the Pooling and Servicing
Agreement, dated as of December 1, 1997.
Date: March 31, 1998 By: /s/ Judy L. Gomez
Judy L. Gomez
Assistant Vice President
EXHIBIT INDEX
Sequential
Document Page Number
Monthly Remittance Statement to the Certificateholders
dated as of January 26, 1998. 5
Monthly Remittance Statement to the Certificateholders
dated as of February 25, 1998. 10
Monthly Remittance Statement to the Certificateholders
dated as of March 25, 1998. 15
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 24,422,000.00 24,422,000.00 112,646.48 693,640.00
A2 16,852,000.00 16,852,000.00 91,562.53 0.00
A3 21,226,000.00 21,226,000.00 122,226.38 0.00
A4 187,500,000.00 187,500,000.00 878,906.25 1,720,514.38
R 0.00 0.00 0.00 0.00
Totals 250,000,000.00 250,000,000.00 1,205,341.64 2,414,154.38
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A1 806,286.48 0.00 0.00 23,728,360.00
A2 91,562.53 0.00 0.00 16,852,000.00
A3 122,226.38 0.00 0.00 21,226,000.00
A4 2,599,420.63 0.00 0.00 185,779,485.62
R 0.00 0.00 0.00 0.00
Totals 3,619,496.02 0.00 0.00 247,585,845.62
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A1 743844AW2 1,000.000000 4.612500 28.402260 33.014761
A2 743844AX0 1,000.000000 5.433333 0.000000 5.433333
A3 743844AY8 1,000.000000 5.758333 0.000000 5.758333
A4 743844AZ5 1,000.000000 4.687500 9.176077 13.863577
R 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A1 971.597740 6.150000% 5.751560%
A2 1,000.000000 6.520000% 6.520000%
A3 1,000.000000 6.910000% 6.910000%
A4 990.823923 6.250000% 5.851560%
R 0.000000 0.000000% 0.000000%
Seller: Provident Bank Administrator: David Arnold
Servicer: Provident Bank Bankers Trust Company
Lead Underwriter: Lehman Brothers. 3 Park Plaza
Record Date: December 31, 1997 Irvine, CA 92714
Distribution Date: January 26, 1998 Factor Information (800)735-7777
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP 1 PRINCIPLE BALANCE 174,380.32 47,832.98 0.00
PERCENTAGE OF POOL BALANCE 0.2810% 0.0771% 0.0000%
NUMBER OF LOANS 3 1 0
PERCENTAGE OF LOANS 0.2676% 0.0892% 0.0000%
GROUP 2 PRINCIPLE BALANCE 650,463.96 332,966.31 0.00
PERCENTAGE OF POOL BALANCE 0.3488% 0.1785% 0.0000%
NUMBER OF LOANS 8 2 0
PERCENTAGE OF LOANS 0.4184% 0.1046% 0.0000%
LOANS IN LOANS IN LOANS IN
FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPLE BALANCE 0.00 0.00 0.00
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0000%
NUMBER OF LOANS 0 0 0
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0000%
GROUP 2 PRINCIPLE BALANCE 0.00 0.00 65,403.34
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.0351%
NUMBER OF LOANS 0 0 1
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.0523%
NOTE:QUANTITY AND PRINCIPAL BALANCE OF FORECLOSURES, BANKRUPTCIES, & REOs ARE
INCLUDED IN THE DELINQUENCY FIGUES.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS 0 1
THAN 30 DAYS DELINQUENT
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 0.00 65,403.34
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.730898% 10.212685%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 217 358
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED 1,125 1,921
IN THE POOL
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED 1,121 1,912
IN THE POOL
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE 62,548,723.21 187,591,675.22
MORTGAGE LOANS
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE 62,061,401.27 186,509,040.30
MORTGAGE LOANS
POOL FACTOR OF LOAN GROUPS 99.220892% 99.422877%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 4 9
SCHEDULE PRINCIPAL RECEIVED 309,806.13 8,515.25
PREPAYMENTS IN FULL & CURTAILMENTS 177,515.81 1,074,119.67
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 487,321.94 1,082,634.92
SERVICER ADVANCES: 42,620.89 147,243.47
CUM NET FUNDS CAP CARRYOVER AMOUNT WITH RESPECT 0.00
TO A-4 CERTIFICATES
3 MONTH ROLLING AVERAGE OF PRINCIPAL BALANCE OF 0.00
ALL LOANS 90 OR MORE DELINQUENT
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: JANUARY 26, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 559,336.66 1,596,512.17
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 26,061.97 78,163.20
TOTAL SERVICING FEES DUE MASTER SERVICER: 26,061.97 78,163.20
LESS:COMPENSATING INTEREST 0.00 0.00
LESS:DELINQUENT SERVICE FEES: (1,917.59) (7,249.34)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 24,144.38 70,913.86
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT 0.00 0.00
SECT 5.01(a)(i)(4) AND 5.01(a)(ii)(4)
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 0.00 0.00
PER $1,000 OF ORGINAL AMOUNT 0.00000000 0.00000000
REIMBURSEMENTS TO MASTER SERVICER PURSUANT 0.00 0.00
TO SECT 3.03
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 487,321.94 1,082,634.92
TOTAL INTEREST COLLECTED 533,274.69 1,518,348.97
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 1,020,596.63 2,600,983.89
O/C AMOUNT BEGINNING 48,723.21 91,675.22
O/C AMOUNT ENDING 255,041.27 729,554.68
O/C REDUCTION AMOUNT 0.00 0.00
EXCESS O/C AMOUNT 0.00 0.00
SPECIFIED O/C AMOUNT 1,312,500.00 7,687,500.00
EXCESS SPREAD 206,318.06 637,879.46
DISTRIBUTABLE EXCESS SPREAD DISTRIBUTED TO 206,318.06 637,879.46
CLASS A
SPREAD ACCOUNT BALANCE BEGINNING 0.00 3,937,500.00
SPREAD ACCOUNT BALANCE ENDING 0.00 3,937,500.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
TRUSTEE REMITTANCE REPORT
DISTRIBUTION DATE: JANUARY 26, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 559,336.66 1,596,512.17
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST 0.00 0.00
REIMBURSEMENTS TO MASTER SERVICER PURSUANT 0.00 0.00
TO SECT 3.03
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 487,321.94 1,082,634.92
TOTAL INTEREST COLLECTED 533,274.69 1,518,348.97
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 1,020,596.63 2,600,983.89
O/C AMOUNT 48,723.21 91,675.22
O/C REDUCTION AMOUNT 0.00 0.00
EXCESS O/C AMOUNT 0.00 0.00
SPECIFIED O/C AMOUNT 1,312,500.00 7,687,500.00
EXCESS SPREAD 206,318.06 637,879.46
DISTRIBUTION EXCESS SPREAD DISTRIBUTED TO CLASS A 206,318.06 637,879.46
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 24,422,000.00 23,728,360.00 113,729.24 478,752.89
A2 16,852,000.00 16,852,000.00 91,562.53 0.00
A3 21,226,000.00 21,226,000.00 122,226.38 0.00
A4 187,500,000.00 185,779,485.62 905,916.51 2,188,570.30
R 0.00 0.00 0.00 0.00
Totals 250,000,000.00 247,585,845.62 1,233,434.66 2,667,323.19
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A1 592,482.13 0.00 0.00 23,249,607.11
A2 91,562.53 0.00 0.00 16,852,000.00
A3 122,226.38 0.00 0.00 21,226,000.00
A4 3,094,486.81 0.00 0.00 183,590,915.32
R 0.00 0.00 0.00 0.00
Totals 3,900,757.85 0.00 0.00 244,918,522.43
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A1 743844AW2 971.597740 4.656836 19.603345 24.260180
A2 743844AX0 1,000.000000 5.433333 0.000000 5.433333
A3 743844AY8 1,000.000000 5.758333 0.000000 5.758333
A4 743844AZ5 990.823923 4.831555 11.672375 16.503930
R 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A1 951.994395 5.751560% 5.775000%
A2 1,000.000000 6.520000% 6.520000%
A3 1,000.000000 6.910000% 6.910000%
A4 979.151548 5.851560% 5.875000%
R 0.000000 0.000000% 0.000000%
Seller: Provident Bank Administrator: David Arnold
Servicer: Provident Bank Bankers Trust Company
Lead Underwriter: Lehman Brothers. 3 Park Plaza
Record Date: January 30, 1998 Irvine, CA 92714
Distribution Date: February 25, 1998 Factor Information (800)735-7777
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP 1 PRINCIPLE BALANCE 655,954.38 221,902.26 0.00
PERCENTAGE OF POOL BALANCE 1.0618% 0.3592% 0.0000%
NUMBER OF LOANS 9 4 0
PERCENTAGE OF LOANS 0.8057% 0.3581% 0.0000%
GROUP 2 PRINCIPLE BALANCE 752,663.61 463,013.01 332,966.31
PERCENTAGE OF POOL BALANCE 0.4071% 0.2504% 0.1801%
NUMBER OF LOANS 8 6 2
PERCENTAGE OF LOANS 0.4204% 0.3153% 0.1051%
LOANS IN LOANS IN LOANS IN
FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPLE BALANCE 0.00 0.00 167,966.47
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.2719%
NUMBER OF LOANS 0 0 2
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.1791%
GROUP 2 PRINCIPLE BALANCE 0.00 0.00 327,333.14
PERCENTAGE OF POOL BALANCE 0.0000% 0.0000% 0.1770%
NUMBER OF LOANS 0 0 3
PERCENTAGE OF LOANS 0.0000% 0.0000% 0.1576%
NOTE:QUANTITY AND PRINCIPAL BALANCE OF FORECLOSURES, BANKRUPTCIES, & REOs ARE
INCLUDED IN THE DELINQUENCY FIGUES.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS 2 3
THAN 30 DAYS DELINQUENT
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 167,966.47 327,333.14
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.731570% 10.221462%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 216 357
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED 1,121 1,912
IN THE POOL
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED 1,117 1,903
IN THE POOL
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE 62,061,401.27 186,509,040.30
MORTGAGE LOANS
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE 61,776,041.88 184,900,727.29
MORTGAGE LOANS
POOL FACTOR OF LOAN GROUPS 98.764673% 98.565529%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 4 9
SCHEDULE PRINCIPAL RECEIVED 82,859.86 274,086.29
PREPAYMENTS IN FULL & CURTAILMENTS 202,499.53 1,334,226.72
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 285,359.39 1,608,313.01
SERVICER ADVANCES: 61,956.73 196,052.32
CUM NET FUNDS CAP CARRYOVER AMOUNT WITH RESPECT 0.00
TO A-4 CERTIFICATES
3 MONTH ROLLING AVERAGE OF PRINCIPAL BALANCE OF 110,988.77
ALL LOANS 90 OR MORE DELINQUENT
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: FEBRUARY 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 555,013.55 1,588,662.58
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 25,858.92 77,712.10
TOTAL SERVICING FEES DUE MASTER SERVICER: 25,858.92 77,712.10
LESS:COMPENSATING INTEREST (138.44) (492.25)
LESS:DELINQUENT SERVICE FEES: (2,769.07) (9,635.21)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 22,951.41 67,584.64
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT 0.00 0.00
SECT 5.01(a)(i)(4) AND 5.01(a)(ii)(4)
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 7,725.80 23,222.44
PER $1,000 OF ORGINAL AMOUNT 0.12351651 0.12379249
REIMBURSEMENTS TO MASTER SERVICER PURSUANT 0.00 0.00
TO SECT 3.03
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 285,359.39 1,608,313.01
TOTAL INTEREST COLLECTED 529,154.63 1,510,950.48
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 814,514.02 3,119,263.49
O/C AMOUNT BEGINNING 255,041.27 729,554.68
O/C AMOUNT ENDING 448,434.77 1,309,811.97
O/C REDUCTION AMOUNT 0.00 0.00
EXCESS O/C AMOUNT 0.00 0.00
SPECIFIED O/C AMOUNT 1,312,500.00 7,687,500.00
EXCESS SPREAD 193,393.50 580,257.29
DISTRIBUTABLE EXCESS SPREAD DISTRIBUTED TO 193,393.50 580,257.29
CLASS A
SPREAD ACCOUNT BALANCE BEGINNING 0.00 3,937,500.00
SPREAD ACCOUNT BALANCE ENDING 0.00 3,937,500.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
TRUSTEE REMITTANCE REPORT
DISTRIBUTION DATE: FEBRUARY 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 555,013.55 1,588,662.58
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST (138.44) (492.25)
REIMBURSEMENTS TO MASTER SERVICER PURSUANT 0.00 0.00
TO SECT 3.03
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 285,359.39 1,608,313.01
TOTAL INTEREST COLLECTED 529,154.63 1,510,950.48
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 814,514.02 3,119,263.49
O/C AMOUNT 255,041.27 729,554.68
O/C REDUCTION AMOUNT 0.00 0.00
EXCESS O/C AMOUNT 0.00 0.00
SPECIFIED O/C AMOUNT 1,312,500.00 7,687,500.00
EXCESS SPREAD 193,393.50 580,257.29
DISTRIBUTION EXCESS SPREAD DISTRIBUTED TO CLASS A 193,393.50 580,257.29
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATE HOLDERS
DISTRIBUTIONS IN DOLLARS
CLASS FACE VALUE BALANCE INTEREST PRINCIPAL
A1 24,422,000.00 23,249,607.11 104,429.49 590,899.51
A2 16,852,000.00 16,852,000.00 91,562.53 0.00
A3 21,226,000.00 21,226,000.00 122,226.38 0.00
A4 187,500,000.00 183,590,915.32 838,908.49 1,614,770.97
R 0.00 0.00 0.00 0.00
Totals 250,000,000.00 244,918,522.43 1,157,126.89 2,205,670.48
TOTAL REALIZED DEFERRED CURRENT
LOSSES INTEREST PRINCIPAL
BALANCE
A1 695,329.00 0.00 0.00 22,658,707.60
A2 91,562.53 0.00 0.00 16,852,000.00
A3 122,226.38 0.00 0.00 21,226,000.00
A4 2,453,679.46 0.00 0.00 181,976,144.35
R 0.00 0.00 0.00 0.00
Totals 3,362,797.37 0.00 0.00 242,712,851.95
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR
PRINCIPAL
CLASS CUSIP BALANCE INTEREST PRINCIPAL TOTAL
A1 743844AW2 951.994395 4.276042 24.195378 28.471419
A2 743844AX0 1,000.000000 5.433333 0.000000 5.433333
A3 743844AY8 1,000.000000 5.758333 0.000000 5.758333
A4 743844AZ5 979.151548 4.474179 8.612112 13.086290
R 0.000000 0.000000 0.000000 0.000000
CURRENT PASS THROUGH
PRINCIPAL RATES
BALANCE CURRENT NEXT
A1 927.799017 5.775000% 5.837500%
A2 1,000.000000 6.520000% 6.520000%
A3 1,000.000000 6.910000% 6.910000%
A4 970.539437 5.875000% 5.937500%
R 0.000000 0.000000% 0.000000%
Seller: Provident Bank Administrator: Alan Sueda
Servicer: Provident Bank Bankers Trust Company
Lead Underwriter: Lehman Brothers. 3 Park Plaza
Record Date: February 27, 1998 Irvine, CA 92714
Distribution Date: March 25, 1998 Factor Information (800)735-7777
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: March 25, 1998
DELINQUENT AND
FORECLOSURE LOAN 30 TO 59 60 TO 89 90 PLUS
INFORMATION DAYS DAYS DAYS
GROUP 1 PRINCIPLE BALANCE 305,079.87 716,256.97 137,913.30
PERCENTAGE OF POOL BALANCE 0.4970% 1.1668% 0.2247%
NUMBER OF LOANS 6 8 3
PERCENTAGE OF LOANS 0.5410% 0.7214% 0.2705%
GROUP 2 PRINCIPLE BALANCE 2,037,742.52 349,840.01 658,285.15
PERCENTAGE OF POOL BALANCE 1.1079% 0.1902% 0.3579%
NUMBER OF LOANS 21 6 5
PERCENTAGE OF LOANS 1.1105% 0.3173% 0.2644%
LOANS IN LOANS IN LOANS IN
FORECLOSURE REO BANKRUPTCY
GROUP 1 PRINCIPLE BALANCE 289,160.53 0.00 167,932.09
PERCENTAGE OF POOL BALANCE 0.4711% 0.0000% 0.2736%
NUMBER OF LOANS 6 0 2
PERCENTAGE OF LOANS 0.5410% 0.0000% 0.1803%
GROUP 2 PRINCIPLE BALANCE 704,557.35 0.00 423,068.60
PERCENTAGE OF POOL BALANCE 0.3831% 0.0000% 0.2300%
NUMBER OF LOANS 6 0 5
PERCENTAGE OF LOANS 0.3173% 0.0000% 0.2644%
NOTE:QUANTITY AND PRINCIPAL BALANCE OF FORECLOSURES, BANKRUPTCIES, & REOs ARE
INCLUDED IN THE DELINQUENCY FIGUES.
GROUP 1 GROUP 2
BOOK VALUE OF LOANS IN REO: 0.00 0.00
NUMBER OF LOANS IN BANKRUPTCY PROCEEDINGS LESS 1 5
THAN 30 DAYS DELINQUENT
PRINCIPAL BALANCE OF LOANS IN BANKRUPTCY 96,764.37 423,068.60
PROCEEDINGS LESS THAN 30 DAYS DELINQUENT
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 10.728579% 10.226345%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY 215 356
PRIOR NUMBER OF MORTGAGE LOANS INCLUDED 1,117 1,903
IN THE POOL
CURRENT NUMBER OF MORTGAGE LOANS INCLUDED 1,109 1,891
IN THE POOL
PRIOR AGGREGATE PRINCIPAL BALANCE OF THE 61,776,041.88 184,900,727.29
MORTGAGE LOANS
CURRENT AGGREGATE PRINCIPAL BALANCE OF THE 61,385,310.81 183,921,231.76
MORTGAGE LOANS
POOL FACTOR OF LOAN GROUPS 98.139990% 98.043387%
NUMBER OF LOANS SUBJECT TO PRINCIPAL PREPAYMENTS 8 12
SCHEDULE PRINCIPAL RECEIVED 100,328.32 97,843.40
PREPAYMENTS IN FULL & CURTAILMENTS 290,403.11 881,652.79
CURTAILMENTS (0.36) (0.66)
NET LIQUIDATIONS 0.00 0.00
INSURANCE PRINCIPAL PROCEEDS 0.00 0.00
REPURCHASED PRINCIPAL AMOUNTS 0.00 0.00
TOTAL PRINCIPAL RECEIVED: 390,731.07 979,495.53
SERVICER ADVANCES: 74,590.37 246,844.83
CUM NET FUNDS CAP CARRYOVER AMOUNT WITH RESPECT 0.00
TO A-4 CERTIFICATES
3 MONTH ROLLING AVERAGE OF PRINCIPAL BALANCE OF 376,388.25
ALL LOANS 90 OR MORE DELINQUENT
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
STATEMENT TO CERTIFICATEHOLDERS
DISTRIBUTION DATE: MARCH 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 552,307.61 1,575,715.60
LIQUIDATION INTEREST 0.00 0.00
REPURCHASE INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
ACCRUED SERVICING FEE FOR THE CURRENT PERIOD: 25,740.02 77,041.97
TOTAL SERVICING FEES DUE MASTER SERVICER: 25,740.02 77,041.97
LESS:COMPENSATING INTEREST (0.10) (401.40)
LESS:DELINQUENT SERVICE FEES: (3,397.73) (12,121.09)
COLLECTED SERVICING FEES FOR CURRENT PERIOD: 22,342.19 64,519.48
AMOUNTS PAID TO CERTIFICATE INSURER PURSUANT 0.00 0.00
SECT 5.01(a)(i)(4) AND 5.01(a)(ii)(4)
REIMBURSEMENT AMOUNT 0.00 0.00
PREMIUM AMOUNT PAID 7,665.95 22,948.86
PER $1,000 OF ORGINAL AMOUNT 0.12255966 0.12233411
REIMBURSEMENTS TO MASTER SERVICER PURSUANT 0.00 0.00
TO SECT 3.03
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 390,731.07 979,495.53
TOTAL INTEREST COLLECTED 526,567.59 1,498,673.63
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 917,298.66 2,478,169.16
O/C AMOUNT BEGINNING 448,434.77 1,309,811.97
O/C AMOUNT ENDING 648,603.21 1,945,087.41
O/C REDUCTION AMOUNT 0.00 0.00
EXCESS O/C AMOUNT 0.00 0.00
SPECIFIED O/C AMOUNT 1,312,500.00 7,687,500.00
EXCESS SPREAD 200,168.44 635,275.44
DISTRIBUTABLE EXCESS SPREAD DISTRIBUTED TO 200,168.44 635,275.44
CLASS A
SPREAD ACCOUNT BALANCE BEGINNING 0.00 3,937,500.00
SPREAD ACCOUNT BALANCE ENDING 0.00 3,937,500.00
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
CURRENT NET LOSSES 0.00 0.00
CUMULATIVE NET LOSSES 0.00 0.00
PROVIDENT BANK
HOME EQUITY LOAN TRUST
SERIES 1997-4
TRUSTEE REMITTANCE REPORT
DISTRIBUTION DATE: MARCH 25, 1998
GROUP 1 GROUP 2
SCHEDULED INTEREST 552,307.61 1,575,715.60
LIQUIDATION INTEREST 0.00 0.00
STOP ADVANCE INTEREST 0.00 0.00
COMPENSATING INTEREST (0.10) (401.40)
REIMBURSEMENTS TO MASTER SERVICER PURSUANT 0.00 0.00
TO SECT 3.03
INSURED PAYMENTS 0.00 0.00
PER $1,000 OF ORIGINAL AMOUNT 0.00000000 0.00000000
TOTAL PRINCIPAL COLLECTED 390,731.07 979,495.53
TOTAL INTEREST COLLECTED 526,567.59 1,498,673.63
TOTAL AVAILABLE FUNDS FOR DISTRIBUTION 917,298.66 2,478,169.16
O/C AMOUNT 448,434.77 1,309,811.97
O/C REDUCTION AMOUNT 0.00 0.00
EXCESS O/C AMOUNT 0.00 0.00
SPECIFIED O/C AMOUNT 1,312,500.00 7,687,500.00
EXCESS SPREAD 200,168.44 635,275.44
DISTRIBUTION EXCESS SPREAD DISTRIBUTED TO CLASS A 200,168.44 635,275.44
NET LIQUIDATION PROCEEDS 0.00 0.00
OUTSTANDING CLASS INTEREST CARRYOVER SHORTFALL 0.00 0.00
OUTSTANDING CLASS A PRINCIPAL SHORTFALL AMOUNT 0.00 0.00
